Europe punishes the US for steel tariffs

European steelmakers may have to impose quotas to appease President Trump

Trump castigated Canada in a tweet on Friday morning, saying it had treated US farmers "very poorly for a very long period of time".

An even higher-stakes trade dispute is playing out on the Pacific Rim. However, a ruling by the world trade body is likely to take months. About 14 percent of USA milk production is exported; the largest customer is Mexico.

Soon after inauguration, Trump said he would be working on trade negotiations.

His strong words followed swift responses to his tariffs by Canada, Mexico and the European Union, which all plan to retaliate with levies on billions of dollars of US goods from orange juice and whiskey to blue jeans and Harley-Davidsons.

The European Commission's president, Jean-Claude Juncke, said Trump's action amounted to trade protectionism and Europe would respond.

Mexico and Canada are the state's two biggest trading partners.

Canada, the largest supplier of steel to the United States, will impose tariffs covering CUS$16.6 billion (US$12.8 billion) on USA imports, including whiskey, orange juice, steel, aluminum and other products.

It is not clear what the British response would be, although International Trade Secretary Liam Fox signaled that the United Kingdom was ready for "tit-for-tat" action, telling Sky News that British steel "is vital for their businesses and their defense industry", adding "it is patently absurd". "At a minimum, I want fair trade". "I don't see that at this point in time we have a big directional play".

He contended the Trump administration's economic policies have the USA economy humming and growing while Europe is collectively in a "doldrum". What Trump has done by putting the tariffs on aluminum and steel is to raise the price of aluminum and steel to Americans.

Tensions from Trump's escalating trade war between the US and its allies have also been rubbing stock markets the wrong way, CNN Money reported a 250-point drop in the Dow Jones Industrial Average following the announcement of tariffs. Additional measures may be implemented until the United States changes its position on trade.

"We were not at the negotiating table". The EU has filed a similar challenge. "So now this door for the moment is closed".

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These statements followed the White House's initial statement yesterday on ongoing efforts to renegotiate NAFTA following the tariff announcement: "The United States has been taken advantage of for many decades on trade".

The list of goods set to get hit by the Canadian tariffs varies from industrial steel to sleeping bags.

For the European Union, a decision on just how far to push back will require agreement among the 28 member states that make up the world's biggest trade bloc.

Is this the beginning of the end of the global trade order? Last year, Bay State businesses exported almost $3 billion in goods to Canada and another $2.5 billion to Mexico.

Wire agency reports cited Ross as telling reporters that talks with Canada and Mexico over revising the North American Free Trade Agreement were "taking longer than we had hoped".

European Union exports subject to the USA duties are worth 6.4 billion euros (US$7.5 billion).

Likewise, the Trump trade team sought to use the tariff threat to pressure Europe into reducing barriers to United States products.

Mexican authorities did not say when the tariffs would come into effect or at what rate they would be.

The French and German finance ministers and the EU's trade commissioner held a series of meetings with the U.S. Commerce Secretary Wilbur Ross.

Malmstrom said over-production from China, not Europe, was to blame for the glut of steel that prompted the USA action.

'NAFTA look it's been a awful deal for the United States.

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